Venezuela to pay billions of dollars in compensation to ConocoPhillips

US oil company ConocoPhillips has been awarded USD 8.7 billion in compensation from Venezuela, after the country has previously nationalized part of its oil production.

Photo: Ritzau Scanpix/AP/Mathias Delacroix

Venezuela will pay USD 8.7 billion to US oil major ConocoPhillips in compensation for the expropriation of oil by the country's former president Hugo Chávez, held a ruling from the International Centre for Settlement of Investment Disputes (ICSID).

According to the World Bank, Venezuela violated international law in 2007 when it took over three oil projects belonging to ConocoPhilips. This leaves the oil giant as the largest victor among the companies seeking compensation from Venezuela.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Norden books "fantastic" second-quarter result

Product tanker and dry bulk company Norden bags a result for the second quarter that the carrier itself describes as ”fantastic.” CEO Jan Rindbo says this is due to the ”exceptional” product tanker rates, according to a financial statement.

Further reading

Related articles

Latest news

See all jobs